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Binance Coin once again saw a massive green wave, pushing the coin’s price to highs not seen since the beginning of July 2018. Binance Coin [BNB] overtook the top stablecoin, Tether [USDT] after its most recent rise and was looking to take on Bitcoin Cash [BCH], which it trailed by less than $200 million in market cap, at press time.
Binance Coin was in the 12th spot, trading at $8.15 just a month ago. Since then, the coin has skyrocketed past Cardano [ADA], Bitcoin SV [BSV], TRON [TRX], Stellar Lumens [XLM] and now USDT, in an incredible rally which does not show any signs of weakening. At press time, the coin was spearheading the market rise by exhibiting a climb of 15.12 percent against the US dollar and a trading price of $15.47.
Earlier this week, the coin had risen by 24.08 percent to a whopping $13.82 within 24-hours, rising to the eighth spot on the coin ladder and is still looking bullish. With a brief drop to $13.45 prior to the recent bullish rise, BNB proponents were still buoyed by the Binance Decentralized Exchange [DEX] trading competition. Commencing at 1100 UTC, on March 6, the coin’s price surged by 18.74 percent to reach $15.65 within an 18-hour window.
Source: Trading View
In terms of market cap, the coin was valued at $2.18 billion, breaking the $2 billion barrier at 0830 UTC on March 6. Soon after, the coin pushed past USDT, which posed a market cap of $2.01 billion. Within a 7-day period, the coin’s market valuation increased by 57.61 percent, and within a 1-month period, it has shot up by a massive 102.38 percent.
Binance took the top two spots in terms of BNB trading volume via the trading pairs BNB/USDT and BNB/BTC, accounting for $102.78 million and $65.21 million.
Binance, the parent exchange previously announced a give away of $100,000 in tokens earlier this month to boost participation on their upcoming decentralized exchange [DEX]. Furthermore, only users that hold Binance Coin in their accounts will be able to participate in the competition. The exchange noted that the Binance Chain testnet will be reset on March 7, and the trading competition will soon commence, fueling the rise of the native cryptocurrency.